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Three years ago, venture capitalists began investing in crop of Silicon Valley companies promising radical breakthroughs in solar cell technology.

One promising technology was copper indium gallium selenide (CIGS), a compound which experts believe can make cells and panels much more flexible — so that they could be stripped across vast parking lots, large roofs and more — and cheaper than the prevailing silicon technology.

However, the companies haven’t delivered as quickly as expected. Miasole, one of these start-ups, has just seen a casualty as a result: It’s chief executive, David Pearce (pictured top), who had said his company would be making $100 million by the end of this year and might even contemplate an IPO, has been replaced as CEO, reports Michael Kanellos at CNET. The company is nowhere near meeting Pearce’s revenue goal, and its lab results haven’t been that great.

The company is backed by big-name venture firm Kleiner Perkins and others.

Taking Pearce’s place is Joseph Laia (couldn’t find picture), a veteran of the semiconductor chip equipment industry, most recently at KLA-Tencor. The company is reportedly looking for more funding, which isn’t a surprise given its faltering.